According to Whale Alert, a notable tracking platform, an address associated with Ripple conducted a substantial transfer of XRP today.
A wallet linked to Ripple moved 100 million XRP on October 3, transferring 19.7 million tokens to the Bitso exchange. This significant transaction was highlighted by Whale Alert.
The XRP transfer has sparked concerns within the community as it coincides with ongoing Ripple regulatory challenges. Notably, the approaching deadline for the SEC's appeal on October 6 has increased speculations.
Ripple-Associated Wallet Moves 100 Million XRP Amid Legal Heat
An address associated with Ripple conducted a substantial transfer of XRP today, as noted by Whale Alert, a prominent tracking platform. The transaction involved moving 100 million XRP to an unknown wallet.
Following the initial transfer, the wallet rhWt.. sent 19.957 million XRP to another Ripple wallet, which promptly distributed these funds to various exchanges. The largest chunk, 19.7 million XRP, went to Bitso, and a smaller parcel of 257,000 XRP was sent to Bitstamp.
This transfer is noteworthy as it aligns with a critical period for Ripple in the SEC lawsuit. With the appeal deadline approaching, the wallet could be related to Ripple lawyers preparing to release the trust fund. This is especially because Judge Torres approved the XRP company to hold off the $125 million payment and the fund kept in trust until clarity on appeal by Oct. 6.
Moreover, data from Bithomp reveals that the wallet involved has been persistently active, engaging in several transactions over the week. This includes a previous transaction on September 17, where 50 million XRP were moved to the same recipient wallet, suggesting a pattern in the wallet's activity amidst regulatory scrutiny.
The speculation extends to the possibility of a sell-off, especially with the subsequent movement of part of the transferred XRP to exchanges.
Market Response and Speculation
Following the transaction, XRP value exhibited a modest increase. XRP price was at $0.5843 which is 8.40% up from the position it was a week ago at the time of writing. Even more, the trading volume of XRP surged in the last 24 hours hitting $1.27 billion, a 28.6% increase. This increase in trading volume and price reflects increased market activity and investor interest in XRP.
As the deadline for the Ripple vs SEC appeal nears, XRP price has shown positive sentiments. According to CoinGape analysis, if Ripple captures 50% of global remittance, XRP price could break to $5.
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